Central Banks
Secrecy over MNB funds sparks constitutional dispute
Unanswered questions over the use of Hungarian central bank funds have led to a series of legal and constitutional battles
Haldane admits BoE communications can be ‘impenetrable'
Chief economist notes ever-longer publications have not tallied with better understanding among the UK public, suggesting the message needs to be clearer and simpler
Researchers propose new measure for US fixed-income market liquidity
Authors say it is the first index to apply financial stress indicator methodologies to both US government and corporate debt securities
ECB governing council welcomes markets' increased risk appetite
Governing council members happy with increased risk appetite in eurozone and global markets, minutes show; worried by slow pace of structural reform and no clear trend of rising inflation
June hike an option but Fed officials split on prospect
Minutes from FOMC meeting in April show “most” participants happy to hike next month if incoming data continues to improve, but some suspect gains may not come fast enough
Sarb ‘pauses’ hiking cycle on improved inflation outlook
South African monetary policy committee votes five-to-one to leave rates on hold; governor stresses central bank is not reversing policy
Riksbank’s Skingsley sees potential in helicopter money
Small, open economies will have limited room for manoeuvre if global real rates stay low, so central bankers should be willing to consider more radical options, deputy says
Colombian paper sees role for international co-ordination of housing policy
This may be needed where national policies have “important” cross-border effects; discusses macro-prudential policy and capital controls
People: Turkey gains a deputy as Brazil loses one
Kilimci promoted to deputy governor at Turkish central bank; Hamilton set to leave Brazilian central bank for role in new finance ministry; and more
Dissent affects size but not clarity of minutes – paper
Study looks at BoE, BoJ, Fed and Riksbank; when dissent in monetary policy meetings increases, so does the size and content of the minutes, but readability is preserved
Bank of Namibia conducts ‘sting operation’ on bribery concerns
Governor says two Chinese nationals attempted to bribe senior officials in an attempt to retrieve funds blocked under exchange control regulations
ECB looks to add eight more O&Ds to guide
European Central Bank proposes guidance on the application of another eight options and discretions in banking supervision; public consultation will run until June 21
BIS’s Tissot says micro data can plug macro gaps
Data is abundant in many areas, but making micro data work with macro is still proving tricky for statisticians, says BIS head of statistics
Bank of Zambia expects ‘sharp decline’ in inflation
Monetary policy stance having “desired” results, according the MPC, minutes from latest meeting show; bank leaves rate on hold at 15.5%
IMF staff encourage central Asian economies to overcome ‘fear of floating’
Even in economies with supposedly free-floating currencies, central banks have a hard time resisting the urge to intervene, IMF report says
Central Bank of Barbados govt financing up 25% last fiscal year
Central bank continues to finance government deficit, despite IMF warnings; expects to still buy government debt, but at "lower levels"
Antti Heinonen says cash is still relevant in modern society
Former ECB head of banknotes says cash is still evolving to keep pace with new payments technology, and banknote designs are staying ahead of counterfeiters
Central bankers may talk too much, economist warns
The public's limited attention span might distort the intended message, publication warns; central bankers might consider talking less and delivering a more succinct message when they do
Paper models impact of ECB’s collateral policy
A working paper offers a model of the impact of the ECB’s collateral policy on the eurozone between 2009 and 2011; effects smoothed transmission of monetary policy, researchers argue
Iran must contain liquidity growth to safeguard inflation success, IMF’s Lipton says
Speaking at the Iranian central bank, David Lipton discusses how inflation can be anchored in single digits, after steadily declining in past year
Czech president names two central bank board members
Czech president Milos Zeman appoints two new members to the central bank’s board; both are former colleagues of rumoured next governor Jiří Rusnok
Annual Target2 volumes fall, ECB announces
Transactions on the eurozone’s real-time gross settlement system fell to their lowest-ever level in 2015; ECB concerned this could threaten cost recovery